Chinese tech giant Huawei, well-known for its innovative and cutting-edge technology, has topped the list of China's top 500 private firms for the fourth consecutive year with a revenue of 721.2 billion yuan (102 billion U.S. dollars) in 2018.

The list, compiled by the All-China Federation of Industry and Commerce (ACFIC), was unveiled on Thursday at the China Top 500 Private Enterprises Summit 2019 in Xining, northwest China's Qinghai Province.

Huawei launched its first 5G mobile services for commercial use in Shenzhen in July. As of July, the company has signed over 50 5G commercial contracts across the world, of which 28 are from Europe. 

Companies like HNA Group, Suning, JD.com, Evergrande, Legend Holdings, Gome Holdings and Amer International have also made to the list, registering revenues exceeding 18.59 billion yuan last year.